Four out of 10 (41 per cent) feel independence may make it less likely for them to invest in their business. Taxation, possible new regulations, currency and EU membership were among the most mentioned concerns.

It is going to be a close decision with many reacting against what they perceive to be status quo in which their needs as Scottish businesses are not reflected

Marlon Wolff, CEO of Ingenious Britain

Marlon Wolff, CEO of Ingenious Britain said: “There is an indication coming through our research that a sizeable proportion of small business owners have sufficient reservations about the potential negative issues and challenges independence might present to be seriously questioning whether it is really in the interests of their company.

“However, it is going to be a close decision with many reacting against what they perceive to be status quo in which their needs as Scottish businesses are not reflected or taken into account.”

Tessa Hartmann, of fashion PR firm Hartmann Media, said “uncertainty” surrounding the referendum and any future currency was already having a negative impact on business.

She said: “Scotland’s long heritage in fashion and textiles has thrived as part of Brand Britain. Remove Scotland from the UK and many of our young designers and fashion companies would become ineligible for much of the crucial support and profile they currently receive from the likes of London Fashion Week and the British Fashion Council.”

But Rory Haigh, owner of Optimum Underfloor Heating in Inverness, said: “We are a small country with a good track record of entrepreneurship that is not being harnessed or promoted.”